National Bureau of Statistics interpretation: Industrial enterprise profits grew rapidly in January and February, with profits in most industries rebounding.

Chief statistician Yu Weining of the Industrial Division of the National Bureau of Statistics interpreted the profit data of industrial enterprises in January and February 2026. In January and February, various regions and departments intensified the implementation of more proactive macroeconomic policies, focusing on leveraging the integrated effects of stock policy and incremental policy. The profit growth of industrial enterprises above a certain scale accelerated, with most industries seeing a rebound in profits. The profit of the equipment manufacturing and high-tech manufacturing industries grew rapidly, and the profitability of industrial enterprises continued to recover. In January and February, among the 41 major industrial categories, profits in 24 industries increased year-on-year, with a growth rate of 58.5%. Profits in 26 industries grew faster than the previous year's full year or saw a decrease in the decline, with more than sixty percent of them rebounding. The role of the equipment manufacturing industry as a "ballast" is evident, and the profit structure of industrial enterprises continues to improve. In January and February, the operating income of equipment manufacturing enterprises above a certain scale increased by 8.9% year-on-year, exceeding that of all industrial enterprises above a certain scale by 3.6 percentage points. With rapid growth in operating income, the profit of equipment manufacturing enterprises above a certain scale increased by 23.5% year-on-year, accelerating by 15.8 percentage points from the previous year; the proportion of profits of equipment manufacturing enterprises above a certain scale in all industrial enterprises above a certain scale increased to 30.4%, an increase of 2.0 percentage points year-on-year. Among the eight industries in the equipment manufacturing industry, profits in five industries grew, with the electronic, railway, ship, aerospace, electrical machinery industry seeing rapid profit growth, increasing by 203.5%, 11.4%, and 6.2% respectively. Profits in the high-tech manufacturing industry grew rapidly, enhancing its leading role. In January and February, profits in the high-tech manufacturing industry above a certain scale increased by 58.7% year-on-year, a 45.4 percentage point increase from the previous year; this increase led to a 7.9 percentage point growth in profits of all industrial enterprises above a certain scale, strengthening by 5.5 percentage points from the previous year. In the industry, the development of intelligent product manufacturing is positive, with profits in the unmanned aerial vehicle manufacturing, smart car equipment manufacturing, and other smart consumer equipment manufacturing industries increasing by 59.3%, 50.0%, and 31.3% respectively; the rapid development of the semiconductor industry led to a faster profit growth in related industries, with profits in discrete semiconductor manufacturing, optoelectronic device manufacturing, and electronic circuit manufacturing growing by 130.5%, 56.1%, and 19.5% respectively. The influence of new energy on the profit of related raw material manufacturing industries is significant. In January and February, under the rapid development and increasing demand in new energy-related industries, profits in raw material manufacturing enterprises above a certain scale increased by 88.3% year-on-year, accelerating by 71.1 percentage points from the previous year. In terms of industries, profits in the non-ferrous metal industry increased by 148.2%, with profits in aluminum processing, non-ferrous metal alloy manufacturing, and copper processing industries growing by 264.0%, 205.1%, and 50.8% respectively; profits in the chemical industry increased by 35.9%, with profits in inorganic salt manufacturing, inorganic acid manufacturing, and organic fertilizer and microbial fertilizer manufacturing industries growing by 518.5%, 306.3%, and 38.5% respectively. Overall, the profit of industrial enterprises above a certain scale is growing rapidly. However, it is important to note that the international environment is volatile, with rising external risks, especially in terms of geopolitical conflicts. There are still many unstable and uncertain factors, and the recovery of industry enterprise profits in the transitional period of the domestic economy is uneven. In the next stage, we need to deeply implement the spirit of the Central Economic Work Conference and the arrangements of the National Two Sessions, continue to expand domestic demand, optimize the supply, develop new productive forces according to local conditions, promote the construction of a unified national market, and drive the sustained and healthy development of the industrial economy.